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Nifty

Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day. Nifty closed at 24836 on 29th July, marking a gain of 1 point. On the daily chart, the index has formed a small bearish candle with shadows on either side, indicating lacklustre movement throughout the session. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a sustained uptrend. The chart pattern suggests that if Nifty crosses and sustains above the 25000 level, it would witness buying, which would lead the index towards 25100-25200 levels. Important support for the day is around 24750. However, if the index sustains below 24750, it may witness profit booking, which would take the index towards 24650-24500 levels. Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the short to medium term. Nifty continues to remain in an uptrend for the medium term, making buying on dips our preferred strategy. The daily strength indicator RSI is moving upwards and is above its reference line, indicating a positive bias. The trend-deciding level for the day is 24870. If Nifty trades above this level, we may witness a further rally up to 24965-25095-25190 levels. However, if Nifty trades below 24870, we may see some profit booking initiating in the market, which may correct Nifty down to 24740-24645-24515 levels.

Bank Nifty

Bank Nifty opened with an upward gap but witnessed selling from the opening tick to close on a negative note. Bank Nifty closed at 51406 on 29th July with a gain of 110 points. On the daily chart, the index has formed a bearish candle with a long upper shadow, indicating selling pressure as well as resistance around the 20 SMA (52200). The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating short-term profit booking. The chart pattern suggests that if Bank Nifty crosses and sustains above the 51600 level, it would witness buying, leading the index towards 51800-52000 levels. Important support for the day is around 51150. However, if the index sustains below 51150, it could witness profit booking, leading the index towards 51000-50800 levels. Bank Nifty is trading above the 50, 100, and 200- day SMAs, indicating a positive bias in the medium term. Bank Nifty continues to remain in an uptrend in the medium and long term. Therefore, buying on dips remains our preferred strategy. The daily strength indicator RSI continues to remain flat and is below its reference line, indicating an absence of momentum on either side. The trend-deciding level for the day is 51645. If Bank Nifty trades above this level, we may witness a further rally up to 52100-52800-53255 levels. However, if Bank Nifty trades below 51645, we may see some profit booking initiating in the market, which may correct Bank Nifty down to 50950-50490-49795 levels.

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